ERP systems in concept cover all computing for an organization. The idea is to centralize data and computation, so that data can be entered once in a clean form and then be used by everyone in the organization (even by supply chain partners outside the organization) with the confidence that the data are correct. However, in practice, ERP vendors sold their software in modules. Modules allow clients to save money by reducing the number of components licensed, focusing on the most important functions first. ERP vendors have recently focused on offering systems tailored to specific clients, such as aerospace, insurance, or medical operations. Module MM covers the functions of MRP. MRP began as an inventory reordering tool in operations involving dependent demand (the demand for materials that are necessary to create the final product). The capability of MRP systems evolved to support planning of all company resources and currently can support business planning, production planning, purchasing, inventory control, shop floor control, cost management, capacity planning, and logistics management. The use of MRP resulted in better inventory and raw materials control, reduced need for clerical support, and reduced lead times in obtaining materials. Improved communication and better integration of planning were also gained... Q1: a. What did you understand from the case given below?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Case Review:
ERP systems in concept cover all computing for an organization. The idea is to centralize data and computation, so that data can be entered once in a clean form and then be used by everyone in the organization (even by supply chain partners outside the organization) with the confidence that the data are correct. However, in practice, ERP vendors sold their software in modules. Modules allow clients to save money by reducing the number of components licensed, focusing on the most important functions first. ERP vendors have recently focused on offering systems tailored to specific clients, such as aerospace, insurance, or medical operations.
Module MM covers the functions of MRP. MRP began as an inventory reordering tool in operations involving dependent demand (the demand for materials that are necessary to create the final product). The capability of MRP systems evolved to support planning of all company resources and currently can support business planning, production planning, purchasing, inventory control, shop floor control, cost management, capacity planning, and logistics management. The use of MRP resulted in better inventory and raw materials control, reduced need for clerical support, and reduced lead times in obtaining materials. Improved communication and better integration of planning were also gained...
Q1: a. What did you understand from the case given below?
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